- USD/JPY was up in early Asian session to 119.53, but gains were short lived
- Yen saw sudden bout of buying interest in mid-Asia, knocking-off USD/JPY to fresh lows below 119 handle, following the release of China trade data
- Chinese trade figures once again disappointed, spooking markets and refuelling risk-aversion across the board
- Early Asian trading was subdued due to the closure of U.S. markets on Monday for a holiday, China will be the main driver
- USD775 mln 119.90-120.15 option expiries help cap, some 119.00s, 118.45-50 too
- USD/JPY is currently trading at 119.04, with immediate resistance at 119.18 (4h Tenkan Sen) and support at 118.66 (Session Low Sep 7)
Recommendation: Good to sell rallies around 119.15/20, SL: 119.60, TP1: 118.80, TP2: 118.50Resistance Levels:R1: 119.18 (4h Tenkan Sen)R2: 119.59 (Session High Sep 7)R3: 120.19 (Daily High Sep 4)Support Levels:S1: 118.66 (Session Low Sep 7)S2: 118.60 (Daily Low Sep 4)S3: 118.29 (61.8% Fibo 116.15-121.76)
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